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Starting a Small Weekly Savings

October 19th, 2006 at 05:05 pm

Last entry of the day, I promise!

I'm excited about opening the Amboy account so I sat down tonight to determine what budget category I could shave $5 off of a week to contribute to the account, along with whatever overtime money I put in. So I decided since my car is newer, hopefully it won't have as many repairs as my husband's 1989 truck. I cut the car repair account to $15 a week. So at least $5 a week will go to the new Amboy emergency fund. Better than nothing!

I also started saving any change that I have in a box that is on the top of my computer desk. Each day I will put any change I have in my purse and whatever change I "earn" for doing laundry. When it gets to a decent amount, that money will also go into the EF. Now to keep others out of it!!!


Also, just wanted to add that I'm so glad I found this site! I tried a blog before but just couldn't find anything to blog about! But get me started on money and I could probably blog all day!

And I think it's really going to keep me motivated to save and pay down the debt!

Emergency Fund Account

October 19th, 2006 at 03:41 pm

We decided that we would take our measly Emergency Fund and open an account with Amboy. It's not much, but it's a start. I plan on contributing weekly out of my husband's overtime to get it to a minimum of $1,000. This will be my first financial goal.

I know there is debate about paying off credit cards first or having a baby emergency fund. For me, it's better to have the EF. It gives me a better piece of mind so that I don't worry quite as much about finances if I know there is some money if we have a need. I think by having it in this account, we won't be so apt to dip into it to pay for everyday expenses like we would if it were in our regular savings.

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